Farnoush Farsiar: Why are so few women in finance?

Women are increasingly breaking down barriers and are finding results in various industries. However, there are still very few women in finance. Unfortunately, this may not be changing anytime soon.

Deloitte Web Insights reports that only 31 percent of workers in the financial industry will be female by 2030. It begs the question “Why are so few women working in financial services?” There are many theories out there but we wanted hear from an expert in the field. Farnoush Farnoush was interviewed by us. She is a highly experienced finance professional who is passionate about women’s empowerment.

How many women work in finance?

Farnoush Farsiar The U.S. has 57% female workforce but just 24% financial jobs. The figure is projected to grow to 28% over the next ten to 20 years increasing from 24% currently.

The absence of diversity isn’t only a problem for women. https://www.cbetta.com/director/farnoush-farsiar-aidi-2 It’s also a challenge for the economy, said Farnoush Farsiar. Farsiar stated that diverse leadership teams have more impact than teams that have less perspectives. “So it’s crucial that females are represented in these occupations. This is also essential for the country.”

There are a myriad of theories to explain why women aren’t represented in the financial services industry. One theory is that the financial industry is too male-dominated and competitive for women to enter. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Another theory is that parents and peers don’t encourage women to choose finance careers.

Farsiar believes that women’s socialization at an early age is the cause of the issue. “Women from a young stage are taught that they should be risk takers and caretakers. “We are taught not to make a risk, but rather to play it safe. This isn’t a good way to go about the job of an analyst in finance.

Women are taught to care for others. Farsiar said that women were taught to behave politely. “But in the world of finance it is crucial to be able and willing to speak up for yourself. It is important to be able support your personal ideas.

Farsiar Asks Where are all the women in finance?
It’s particularly apparent at the top level of finance that there aren’t enough females. According to a 2016-17 study by Pew. And they hold just 11.5 percent of the executive positions at financial companies.

This disparity has real-world consequences on women working in finance. Women are less likely to be employed in finance to get promoted than their male counterparts.

The best part is that the increase in women holding the top positions is slow but steady. Farnoush Farsiar believes part of this rise in women’s senior roles is due the #womenshould campaign , which increased awareness of the issue of diversity. Farsiar said that she is “convinced” that the #MeToo Movement also had an enormous impact. Women are starting to speak out and demand change.

Obstacles for women pursuing finance
There are numerous hurdles women must overcome to be successful in the world of finance. Lack of role models for women is among of the greatest barriers to women entering finance. It can be lonely for women working in finance to be the sole woman in their field.

Farsiar admitted that it’s a bit daunting to be the only female in the room. “You feel like you’re expected to be flawless all the time, and you mustn’t make a mistake.”

Another barrier is the old men’s club mentality, that is still prevalent in many financial firms. This refers to the idea that men promote other men while women are left out.

Farsiar acknowledges that there is much to this claim. Farnoush Farsiar “I have witnessed it firsthand. Even if the woman is a better candidate, even if she has higher qualifications, men are still able to recommend other people.

This”old-boys’ club” mentality can also lead to discrimination and harassment of women. Female finance professionals are often subjected ostracizing comments and unwanted advances from male colleagues.

Farnoush Farsiar declares “It’s certainly an issue.” “Women who work in finance are often treated like objects. It’s difficult to be successful in a world where women are treated this way.”

The last issue is the lack of flexible working hours. Females are more likely to be responsible for family obligations than men who are responsible for caring for elderly parents or children. Women require flexible work schedules to be able to manage work and home.

“Finance, being a complex business, is difficult to manage when you are juggling many other obligations. Women are often forced to make a choice between their careers as well as their family.

These barriers make it extremely difficult for women working in the financial industry to reach higher-level posts. However, there are many initiatives that are working to change this.

Farnoush Farsiar believes the Future is Bright For Women in Finance.
There are many evidence to suggest that women will continue to be employed in the financial sector. https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ Numerous initiatives have been initiated to increase the number and make it to the top of the financial industry.

One such initiative, Women Entrepreneurs Finance Initiative is a joint venture of the World Bank Group with 14 governments. We-Fi finances and supports women-led enterprises in developing countries.

Farsiar said, “This initiative is great because it allows women access to the tools they require to begin and expand businesses.” It helps them create networks and connect with other women entrepreneurs.

A different initiative is the Women in Finance Charter, that the U.K. government launched in 2016. The Women in Finance Charter represents a commitment made by financial firms to encourage gender diversity.

“The Women in Finance Charter is a great step forward,” Farsiar encourages. It’s encouraging financial companies to take action on gender diversity and has made an impact.

Women are now able to enter high-level positions thanks to initiatives such as We-Fi as well as Women in Finance Charter. This is good news for both the women and financial sectors.